- Zcash is now compatible with NEAR and Brave Wallet, which has increased its reach in the DeFi ecosystem.
- ZEC price remains above the $270 mark with a target set at $320 based on positive technical indicators.
- Volume and open interest in futures have gone up, which proves institutional confidence in Zcash.
Zcash is exploring the decentralized finance space following integrations with NEAR and the Brave Wallet. Its native token is also doing well as it is moving towards the $280 price level. Analysis shows a breakout to $320 once ZEC stays above important support zones.
Zcash Network Grows with New Partnerships
ZecHub explained the integration using a detailed video tutorial. It demonstrated the implementation of Brave Wallet to communicate with NEAR Intents to swap tokens.
The browser wallet offered by Brave can now enable users to trade in ETH and ZEC without exposing any personal information. The browser is mostly recognized as the top privacy and secure browser.
This is one of the Zcash strategies in competing within the competitive multi-chain ecosystem. By combining privacy and on-chain composability, Zcash can reach traders and developers who appreciate both transparency and privacy.
ZEC Stays Above Important Supports
Technically, ZEC has been keeping its recent upward momentum as it trades above $270 on the 4-hour chart. The Fibonacci retracement shows support is between $266 and $270, while resistance is at about $289.24.
The following retracement expansion is close to $320, and this constitutes the immediate price target in case of continuation of momentum. The level overlays with the October highs in the swing and coincides with the 0.236 Fibonacci zone, where the bulls will test the strength of the breakout.
A range between $267.7 and $278.5 serves as formidable intraday supports. This implies that traders are taking up more positions on the downturn instead of leaving. Maintaining above the VWAP price helps build a strong bullish bias. It shows that there is institutional accumulation and an even buying pressure at around $275.
Fib. and VAWP. Source: TradingView
Also Read | Zcash (ZEC) Bulls Defend Key Support: Is a $400 Rebound on the Horizon?
Bullish Case is Supported by Momentum Indicators
The RSI is at 61.75 and indicates a positive momentum without showing any overbought situation. This level suggests that there is consistent demand because traders are expecting another leg up.
The MACD line has crossed above the signal line. The histogram indicates rising positive volumes. This implies that it is beginning to gain traction once again following the brief pullback to $289 over the past week. If the crossover is sustained, ZEC may be able to test the $289 resistance and rise all the way up to $320.
MACD and RSI. Source: TradingView
Derivatives Indicate A Bullish Picture
CoinGlass reported an increase in trading volume in Zcash futures by 32.89% in the last 24 hours to $1.77 billion. Open interest was up by almost 8% to $325.85 million.
An increase in open interest and volume indicates inflow of new money into the market. It is also strengthening the trend of price gains and not profit-taking.
Source: Coinglass
Also Read | Zcash Rally Alert: ZEC Set to Smash $270 Resistance and Aim for $360
